S&P withdraws AA- rating to Gulf Insurance
By Our Banking Bureau | 15 Jul 2002
Our Banking Bureau
15 July 2002
Dubai: Following the restructuring activities at Gulf Insurance group, a wholly owned subsidiary of Travelers Property Casualty Corp, a Citigroup arm, Standard & Poors (S&P) has withdrawn its AA- counter-party credit and financial strength ratings on Gulf Insurance Co UK (Gulf UK).
Gulf UK is a London-based property and casualty company. As of 31 March 2002 the entity had reported a year-to-date net income of $1.5 million and had a capital and surplus account totalling $24.8 million.
In May 2002 the
group announced $125-million investment by Trident II
LP, a private equity fund managed by MMC Capital specialising
in making investments in insurance, reinsurance and financial
services sectors.
Gulf
UK could quickly evolve into a new organisation, and any
prospective rating would have to be based on a review
of a detailed business plan and new support agreements,
says S&P credit analyst Michael Gross.